17 Jun 2022 12:22

Gref: If Russian banking sector finishes at 'zero' in 2022, this would be excellent result, though probability of losses higher

ST. PETERSBURG. June 17 (Interfax) - There is a good chance that the overall Russian banking sector will be unprofitable for the year, Sberbank CEO and Chairman of the Executive Board Herman Gref said during an interview with the Rossiya 24 TV channel as part of the St. Petersburg International Economic Forum (SPIEF) 2022.

"It is still complicated to discuss the end of the year, and I am afraid that it is difficult to talk about profits in the banking sector. If the banking sector finishes at 'zero', this would be an excellent result, though there are more chances that the banking sector overall will be unprofitable this year," Gref said.

Gref added that the drop in Russia's GDP in 2022 would likely be 7%, with inflation below 15%. "This is better than had been forecast," he said.